Automatic Number Plate Recognition Market Overview :

Automatic Number Plate Recognition Market is estimated to reach $1.4 Billion by 2024 with CAGR of 13.3% between 2016 and 2024. The automatic number plate recognition (ANPR) is an image processing technology, used for mass surveillance, which can detect and capture the images for vehicles and identify their license number. It is greatly helps to recognize the criminality at local or national level which include terrorists, criminals on the run, and organized crime groups among others. They are also used at electronic toll collection for pay-per-use roads and monitoring traffic activity. ANPR enables to store the images captured and the text from license plate along with a photograph of the driver. ANPR technology is country and region specific, owing to the variations in text, format, color, and among others, from place to place.

Initiative by various government bodies to incorporate new technology for safety and security for general public coupled with increasing rates of crime and terrorist threats are the major factor supporting the growth of the global automatic number plate recognition market. Moreover, development of smart cities with technological advanced solutions also supports the growth of the market. However, variations in license plate designs across different states or countries could hinder the growth of the market. Furthermore, increasing adoption of ANPR systems across various sectors such as defense, government offices, and shopping malls among others could provide opportunity growth in the upcoming years.

The global automatic number plate recognition market is segmented based on the application, end-use industry and geography. By application, it is further segmented into security & surveillance, vehicle parking, traffic management and toll enforcement. Furthermore, end-use industry is segmented into government (homeland security, traffic department and defense) and commercial (entertainment & recreation facilities and dedicated car parks).

By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Italy, France, Germany and Rest of Europe. Asia-Pacific covers China, Japan, South East Asia, Australia and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.